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Dec 26, 2012
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. >> last year we were in a deficit situation and we really needed to make up some ground. luckily we have a lot of ground water storage capacity. this series of storms have helped with the reservoir capacity. >>> a member of the alpine meadow ski patrol has died after being buried in an avalanche. bill foster died overnight at a reno hospital. yet the ski patrol used explosives to trigger the avalanche in a private area of the resort near lake tahoe. resort officials say the avalanche broke much higher and wider on the slope than expected burying foster in the snow. >>> we'll go to the sierra for updates on conditions there tonight as this latest storm bringing everyone more snow to the high country. you can get the latest weather conditions any time online or on your mobile device at ktvu.com. look for the link to storm tracker 2 near the top of the page. you can also follow us on twitter. we postupdates on the ktvu channel 2 facebook page. >>> police found dozens of shell casings on the ground where a man was shot and killed. neighbors told our photographer that they hea
. >> last year we were in a deficit situation and we really needed to make up some ground. luckily we have a lot of ground water storage capacity. this series of storms have helped with the reservoir capacity. >>> a member of the alpine meadow ski patrol has died after being buried in an avalanche. bill foster died overnight at a reno hospital. yet the ski patrol used explosives to trigger the avalanche in a private area of the resort near lake tahoe. resort officials say the...
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Dec 30, 2012
12/12
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extending tax cuts while doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, virtually everybody's income taxes will go up. and even if the income tax cuts are extended virtually all workers are due to see less in their paychecks, starting in january, when the temporary 2% payroll tax cut is set to expire. and don't assume there will be a mini-deal, a democratic source close to the meetings going on tonight, says, quote, the prospects are not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. of course, this waiting game is already affecting americans' 401(k)s. the stock market, five straight day of losses. let's bring in bianna golodryga. bianna, great to see you. if these lawmakers thought that waiting to the 11th hour wouldn't have an effect, look no further than the stock market. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, these aren't just money we're tal
extending tax cuts while doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, virtually everybody's income taxes will go up. and even if the income tax cuts are extended virtually all workers are due to see less in their paychecks, starting in january, when the temporary 2% payroll tax cut is set to expire. and don't assume there will be a mini-deal, a democratic source close to the meetings going on tonight, says, quote, the prospects are...
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Dec 29, 2012
12/12
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extending tax cuts while doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, almost everyone's income taxes will go up. even if the income taxes are extended virtually all workers are due to see less in their paycheck as the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last m
extending tax cuts while doing nothing to curb spending or address the long-term deficit crisis. if they fail to pass a mini-deal, almost everyone's income taxes will go up. even if the income taxes are extended virtually all workers are due to see less in their paycheck as the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon...
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Dec 22, 2012
12/12
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. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing for the same customers with the same merchandise and they know they need to offer competitive prices in order to get your business. >> online a mobile shopping makes it easier for people to make sure they're getting the best deal. so retailers offering some policies this season. >> this is a great tool for price comparing. >> if it's a major purchase and expensive, tax adds up. so... i check just before to make sure i'm not getting ripped off. >> for the first time, many retailers launched price matching programs online and in their store autos if retailers don't do this, they're just not going to be able to compete. so i
. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing...
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Dec 24, 2012
12/12
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annual federal deficits over a trillion dollars. he will not change his tune. this is about the fundamental transformation of the nation. that is why he needs all tax rates to go up because he needs to get where the real money is which is the middle class. gregg: that debt is fundamental economics. really baffling. >> right. gregg: monica, good to see you. nice column. merry christmas to you. >> merry christmas to you too. gregg: bye-bye. heather: to a fox news alert now. we just got word to expect a news conference anytime now from police in upstate new york after a gunman opened fire at four firefighters who showed up to just do their job, battle a fire that actually may have been ended up being a trap set by the shooter. police in webster, new york, outside of rochester, they say two of those firefighters were killed at scene. another two were treated at a local hospital. we're awaiting for that news conference. we'll have a live report in moments on what we may learn from police and plus the 911 calls that we got moments ago from this case. so stay tuned. >
annual federal deficits over a trillion dollars. he will not change his tune. this is about the fundamental transformation of the nation. that is why he needs all tax rates to go up because he needs to get where the real money is which is the middle class. gregg: that debt is fundamental economics. really baffling. >> right. gregg: monica, good to see you. nice column. merry christmas to you. >> merry christmas to you too. gregg: bye-bye. heather: to a fox news alert now. we just...
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Dec 27, 2012
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if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine months we could see substantial progress towards smart fiscal policy in the country if the two parties come together. heather: we'll see what happens. thank you both very much for joining us until monday night. thank you. >> merry christmas. happy new year. [heavy breathing]. gregg: boy, remember that, video from april of 2011. monster tornado tearing through tuscaloosa, alabama, devastating the community and alberta baptist church. ever since then the church's pastor has been fighting insurers and fema and the city to try to rebuild. this month, finally some mo
if, we have to do four things if we want to reduce the deficit. we have to get more revenue, we have to cut domestic spending, we have to trim and reform the health care programs in particular of medicare and medicaid and we have to cut defense. if we do all four of those things we can make significant down payment getting deficit under control. if we do some of them, the numbers are not there enough to make as much progress as we want. this is where mark and i agree. over next six to nine...
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Dec 25, 2012
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the president's aides tell us in private he scaled back from a $4 trillion deficit deal. he wants something smaller in the wake of speaker john boehner's failure on so-called plan b last week. they just want something that will extend middle class tax cuts. they want to see two million people get unemployment benefits extended. those are running out at end of the year by the way the president, you remember, came out on friday after speaker boehner talked about the failure of the vote thursday night and president basically said everyone should calm down, cool off over the holidays. take a listen. >> everybody can cool off. everybody can drink some eggnog, have some christmas cookies, sing some christmas carols, enjoy the company of loved ones and then i would ask every member of congress while they're back home to think about that. think about the obligations we have to the people who sent us here. >> reporter: so, sing some carols today. probably will be some eggnog. here in hawaii, maybe back in ohio where john boehner is likely celebrating the holidays as well but they
the president's aides tell us in private he scaled back from a $4 trillion deficit deal. he wants something smaller in the wake of speaker john boehner's failure on so-called plan b last week. they just want something that will extend middle class tax cuts. they want to see two million people get unemployment benefits extended. those are running out at end of the year by the way the president, you remember, came out on friday after speaker boehner talked about the failure of the vote thursday...
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Dec 29, 2012
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the tax would have made the rich contribute a whole lot more to cutting public deficit. >> arthel: here at home as senator leaders work behind closed doors to cut an 11th hour deal to avoid the fiscal cliff, we got a glimpse of optimism on the senate floor on friday from majority leader harry reid and minority leader mitch mcconnell following their white house meeting with president obama. here it is. >> everyone knows we've been to the white house. we've had a constructive meeting. we certainly hope that something will positive will come from that. >> i share the view of the majority leader. we had a good meeting at the white house. we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference. >> arthel: so is a fiscal deal more likely now than it was before congress left for christmas break? let's have a meeting of the minds. outreach director for freedom works, author of "backlash" and fox news cont
the tax would have made the rich contribute a whole lot more to cutting public deficit. >> arthel: here at home as senator leaders work behind closed doors to cut an 11th hour deal to avoid the fiscal cliff, we got a glimpse of optimism on the senate floor on friday from majority leader harry reid and minority leader mitch mcconnell following their white house meeting with president obama. here it is. >> everyone knows we've been to the white house. we've had a constructive meeting....
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Dec 30, 2012
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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Dec 26, 2012
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and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income, the high income, would pay, say 20% on every item they purchase, every item, to the federal government. that is what the europeans do to afford these big governments. gregg: what would it do? >> say that again? gregg: what would it do? >> that, that what would happen is, we were turn into europe. we all see it. we see greece, and spain and italy, and france. they all grow slow of the they have extremely high unemployment rates. we would have a slow economy and high unemployment forever if we taxed ourselves like that. gregg: all right. >> this idea that somehow you can't tax the middl
and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income,...
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Dec 27, 2012
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more stimulus, $50 billion in additional government spending, which would only add to the debt and deficit. what impact does that have? >> i think that have essentially no impact. the u.s. has been growing since june of 2009. this is not a case where the government needs to step in and stop a free fall. the problem is we're growing too slowly. we are growing at rates that are 1, 1.5, 2%, and we should be growing at rates of 3 and 4%. to do that we need permanent fixes. fixes to entitlement programs, tax reform, that's the recipe for more rapid growth. it's also the same recipe for fixing the debt. gregg: how about 7 and 8% growth which is what happened this ronald reagan reduced the tabgts rates. the tax rates. >> that would be phenomenal. we haven't seen that since the 1980s. it will take a very big pla change in the playbook in washington for that to happen h. gregg: thank you very much. >> thank you. gregg: what will it cost you if washington can't make a deal before next week, something that is looking more and more likely? you can find out all you need to know on our website foxnews.c
more stimulus, $50 billion in additional government spending, which would only add to the debt and deficit. what impact does that have? >> i think that have essentially no impact. the u.s. has been growing since june of 2009. this is not a case where the government needs to step in and stop a free fall. the problem is we're growing too slowly. we are growing at rates that are 1, 1.5, 2%, and we should be growing at rates of 3 and 4%. to do that we need permanent fixes. fixes to...
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Dec 28, 2012
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of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic rcue in china. a young woman getting money from an atm machine is grabbed from behind and then a knife is put to her throat. there you see it. you can see the man holding her. a special unit of police and professional negotiators dispatched immediately to the scene after two hours finally able to take him down. wow. patti ann: the u.s. government is the nation's largest assett holder managing nearly 900,000 buildings and 640 million acres of land. in short hundreds of billions worth of assets that it could sell off to pay down the national debt. some say it's time for the government to start selling. wi
of assets including buildings and hrafpbltd why selling these some say could make a big dent in our deficit. gregg: man doesn't leave his best friend even when he falls through the ice. okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my motr was so wrong about you. next, we get priory boarding on our flight i booked with miles. all because of the card. gregg: i want to show you this new video of a dramatic...
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Dec 29, 2012
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and that lays the ground work for deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. >> as for the leaders they sounded a bit more hopeful than the president. >> i think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it is a very serious meeting and it would take an extended period of time as you know, waiting for us. >> i share the view of the majority leader. we had a good meeting down at the white house. we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference, and the majority leader can make to his conference. and so we'll be working hard to try to see if we can get there in the next 24 hours. and so i'm hopeful and optimistic. >> sounds good, but also sounds familiar, right? senator reid says a vote could happen on monday, but people have heard so much talk about the crisis but seen precious little action. the p
and that lays the ground work for deficit reduction and economic growth steps that we can take in the new year. but let's not miss this deadline. >> as for the leaders they sounded a bit more hopeful than the president. >> i think it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it is a very serious meeting and it would take an extended period of time as you know, waiting for us. >> i share the view of the...
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Dec 26, 2012
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i think that would be a tough lift considering president obama offered $400,000 with $2 trillion in deficit reduction. >> from where you sit right now, i mean, you're so into the house gop, jake, i'm surprised you didn't end up in boehner's suitcase, we look like we're going over. >> it looks like that's the case and that's what gop aides are telling us today, it's very difficult and democrats are saying this too, it's difficult to see a way we avert the fiscal cliff at this point with how slow the senate operates, no plan right now, house is nowhere, and it's almost january. >> highway to the danger zone, jake sherman, politico, thank you so much for joining us, we appreciate it. >>> developing news on president george h.w. bush's health. this is "andrea mitchell reports" only on msnbc. we've all had those moments. when you lost the thing you can't believe you lost. when what you just bought, just broke. or when you have a little trouble a long way from home... as an american express cardmember you can expect some help. but what you might not expect, is you can get all this with a prepaid
i think that would be a tough lift considering president obama offered $400,000 with $2 trillion in deficit reduction. >> from where you sit right now, i mean, you're so into the house gop, jake, i'm surprised you didn't end up in boehner's suitcase, we look like we're going over. >> it looks like that's the case and that's what gop aides are telling us today, it's very difficult and democrats are saying this too, it's difficult to see a way we avert the fiscal cliff at this point...
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Dec 28, 2012
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and the way we avoid further debt and deficit is to cut spending. >> will we hear -- their -- come up with debt limitations again the boehner principle for every dollar the debt limit is raised we have a cut in spending. that seems to me that -- where there is a huge ideological divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it can. both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said i'm ready to raise taxes on those over a million dollars. president obama said i'm ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the bipartisan national debt commission, simpson-bowles commission, said for every dollar of spending reduction, including the entitlement reform we immediate to have $1 in tax revenue. that's the principle compromise we have to have. so they are not far off. what we have to have is very simple. $4 trillion in debt reduc
and the way we avoid further debt and deficit is to cut spending. >> will we hear -- their -- come up with debt limitations again the boehner principle for every dollar the debt limit is raised we have a cut in spending. that seems to me that -- where there is a huge ideological divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it...
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Dec 30, 2012
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democrats and republicans agreed to these drastic cuts last year, to force both parties to the table on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport security are nothing new. but if the u.s. government goes over the fiscal cliff, they could get even longer. according to one congressional analysis, the transportation security administration would lose more than $640 million in funding, roughly 7% of out budget. t.s.a. with would also lose over 7,000 security officers. safety would not be compromised. the passenger misery would increase. >> it could be a severe impact on the traveling public. instead of maybe one hour, you may be there two or three hours before. >> reporter: long lines would be the least of the problems. under the mandatory cuts of the fiscal cl
democrats and republicans agreed to these drastic cuts last year, to force both parties to the table on deficit reduction. if they can agree by monday at midnight, the following cut take effects. over the next nine years, the u.s. defense budget would be reduced by $455 billion. domestic programs would be slashed by 464 billion. 1,000 government programs face potential cuts, including three that directly impact air travel. john bentley has the story. >> reporter: long waits at airport...
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Dec 30, 2012
12/12
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energy, even at my age and that could be due to the fact that all my life, i've had adhd--attention deficit hyperactivity disorder. but the great thing about having that, and i don't even think of it as a disorder, i think of it as a benefit because you can hyper-focus on what you love to do. in my case, riding a unicycle. i don't see myself quitting. i see myself riding well into my eighties. i want to be the oldest extreme unicyclist. i probably am at this point. - and what would terry be if he weren't an extreme unicycler? - getting fat. ha ha! for sure. - i'm val zavala for "my generation." - today, terry is one of the few unicyclists in the world over 50 to have successfully jumped and cleared a full set of 8 stairs a 6-foot phone booth and a 7-foot tractor. we totally give it up to you, terry. - be a part of the conversation. send an e-mail to mygeneration@aarp.org or "like" us on facebook and follow us on twitter. - he's a world-class extreme athlete, programmed to put one foot in front of the other to complete the journey. marshall ulrich never knew that pushing through the pain of
energy, even at my age and that could be due to the fact that all my life, i've had adhd--attention deficit hyperactivity disorder. but the great thing about having that, and i don't even think of it as a disorder, i think of it as a benefit because you can hyper-focus on what you love to do. in my case, riding a unicycle. i don't see myself quitting. i see myself riding well into my eighties. i want to be the oldest extreme unicyclist. i probably am at this point. - and what would terry be if...
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Dec 28, 2012
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illinois, there are $100 billion in the hole in terms of the deficit. nationally, you got all these people in the earlier segment playing blame game in washington. guess what? when you're spending more money than you pull in, eventually the money runs out. then you can blame all you want. but there is no money. for basic services, like police, like good education, all that stuff. they don't care about that. they spend the money on what they want to get elected. >> when you're saying that the previous mayor spent all the money, you're talking about mayor daly. rahm emanuel is in place now. >> right. >> he spent all the money on what? and then, two, what is the realistic proposal here to reverse the violence? >> well, over 20 years i can give you a laundry list of corruption and cronyism. but you know it well because you were here as well. and you saw it. there was a reporter once for "time" doing a cnn profile, comparing richard daly to andy of maybury and said he presides over chicago like andy of maybury. now that reporter is the press secretary for pr
illinois, there are $100 billion in the hole in terms of the deficit. nationally, you got all these people in the earlier segment playing blame game in washington. guess what? when you're spending more money than you pull in, eventually the money runs out. then you can blame all you want. but there is no money. for basic services, like police, like good education, all that stuff. they don't care about that. they spend the money on what they want to get elected. >> when you're saying that...
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Dec 29, 2012
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a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi, united press international. and the whole thing took off from there, and we take nominations from all over the world. whatever floats to the top gets to our list. >> and is i was going to ask how that happened. people can, what, make suggestions, somehow contact your university and say here's a word i want banished. >> lssubanished. do a search and it will get you right to our page. and there is still time to vote, by the way. the list comes out on monday at 12:01. if we get anymore packed ballot boxes, we'll include those. >> do that right now. a few of the words banished for 2012,
a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi,...
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Dec 22, 2012
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the reality is we're running deficits upwards of $1 trillion which we can't afford. we've got $16 trillion worth of debt. if we go through this cliff, it will force our country to have to cut spending. on the flip side, it means higher taxes out of everyone's pocket at a time when the economy is still on fragile ground, showing signs of recovery. we've got good ones this week. but still on fragile ground, and people are worried that if consumers have less money to spend, it's going to really take its toll on this u.s. economy. >> i know you're reading the tea leaves, so what are they telling you? will we have a deal in time? >> reporter: it's interesting. about 66% of investors polled by ubs, the swiss bank, say that they believe a deal will happen. i can tell you the people that i talk to on my show every day, they're placing bets one way or the other. the majority think there's a real good chance that we blow right through this. that we actually go right through it. and they're hedging their bets in the investment community because they're not confident that the po
the reality is we're running deficits upwards of $1 trillion which we can't afford. we've got $16 trillion worth of debt. if we go through this cliff, it will force our country to have to cut spending. on the flip side, it means higher taxes out of everyone's pocket at a time when the economy is still on fragile ground, showing signs of recovery. we've got good ones this week. but still on fragile ground, and people are worried that if consumers have less money to spend, it's going to really...
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i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an aberration in the tax code. it is grossly unfair. you look at if they raise, say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean that small businesses, a lot of small businesses are going to be paying that nearly 40% marginal tax rate where you have billionaire private equity funds, you know, paying 15, 20, or 2 4 depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor and those who make the income through wages. and they're both legitimate and both should be taxed at th
i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an...
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Dec 24, 2012
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we can't run trillion dollar deficits for a year and expect to get away with that long term. so i think there is a trade-off here in terms of some penalty to growth next year. longer term there are benefits though and going into the year i think you just have to have maybe a little cash in the portfolio but be looking to put money to work in companies that are going to survive, good balance sheets and consistent profitability. stocks are cheap relative to bonds so i don't want to get too defensive here. >> you were with us at the top of the hour and made clear you were on hold until you see something about a fiscal cliff resolution of some kind. is there nothing you would buy between now and the end of the year? >> nothing. maybe some inverse etfs, bill, quite honestly. i want to see not just fiscal cliff resolution but i want to see q 1 earnings. i'm sorry. q 4 earnings. last quarter's earnings were not all that exciting. we really saw the european effect take hold in a lot of these companies really laboring and a lot have bounced back. i think again it is this liquidity dri
we can't run trillion dollar deficits for a year and expect to get away with that long term. so i think there is a trade-off here in terms of some penalty to growth next year. longer term there are benefits though and going into the year i think you just have to have maybe a little cash in the portfolio but be looking to put money to work in companies that are going to survive, good balance sheets and consistent profitability. stocks are cheap relative to bonds so i don't want to get too...
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Dec 22, 2012
12/12
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unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> yesterday the house speaker john boehner failed to garner enough support from his own party to even hold a vote on his plan to raise taxes for those with an income over $1 million. >> while we may have not been able to get the votes last night, to avert 99.81% of the tax increases, i don't think they weren't taking that out on me. they were dealing with the perception that somebody might accuse them of raising taxes. >> "outfront" tonight, chief white house correspondent jessica yellin and dana bash. ladies, nice to see both of you. jessica, we'll start with you. the president's message was short and sweet and kind of basic. what do you think is different this time around in what he is saying? >> well, what's different is it is less than two weeks until the new year and the president is about to leave for hawaii, and congress is going to be gone for christmas, too, and you know there is no more effective motivator
unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> yesterday the house speaker john boehner failed to garner enough support from his own party to even hold a vote on his plan to raise taxes for those with an income over $1 million. >> while we may have not been able to get the votes last night, to avert 99.81% of the tax increases, i don't think...
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Dec 29, 2012
12/12
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job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as forts backup plan, there's no real likelihood that would ever come to a vote because republ
job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes....
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Dec 28, 2012
12/12
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insurance is still available for 2 million people and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but first, the other news of the day. here's kwame holman. >> holman: the u.s. economy has dodged a potentially crippling strike at ports up and down the east coast and gulf coast at least, for now. the longshoremen's union agreed today to extend its existing contract by another month. that word came after the union and shipping lines worked out a deal on royalty payments for unloading containers. the contract extension gives the two sides time to resolve their remaining issues. wall street finished the week with its fifth straight losing session. stocks have been falling as concern mounts that washington will fail to get
insurance is still available for 2 million people and that lays the groundwork then for additional deficit reduction and economic growth steps that we can take in the new year. >> all of this still developing. and we will have more on all of it with mark shields and david brooks later in the program. >> also ahead >> warner: also ahead, between now and then; protesting a gang rape in india; mass producing high quality education and remembering general norman schwarzkopf. but...
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Dec 27, 2012
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if we have normal economy we would have 500 billion more in revenue today which would cut the deficit by 40 or 50%. that does it. >> what is the most we can hope for from these guys? they will work over the new year's holiday. i know what you want. you want a flat tax. i know your wish-list but what is the best we can hope for? >> best we can hope for they all realize they will all get the blame. for once, kick the can down the road. you will not reform the tax code in 72 hours between now and new year's. entitle manlts and everything else. put it off for 60 days. begin to do real reformation of the tax code. to allow us to go off the fiscal cliff is preposterous. david: when you say a 60-day hold does that mean the president, the president says we should at least make sure taxes for those making under $200,000 doesn't go up but everybody else's taxes should go up. >> they should put everything off 60 to 90 days and sit down after new year's and say how we get the economy moving again? i think it will be clear early next year we're starting to slow down. republicans should hammer home
if we have normal economy we would have 500 billion more in revenue today which would cut the deficit by 40 or 50%. that does it. >> what is the most we can hope for from these guys? they will work over the new year's holiday. i know what you want. you want a flat tax. i know your wish-list but what is the best we can hope for? >> best we can hope for they all realize they will all get the blame. for once, kick the can down the road. you will not reform the tax code in 72 hours...
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Dec 23, 2012
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you were a member of the bowles simpson deficit commission and voted for the final report. that proposed almost $3 trillion in spending cuts. president obama's last offer the one that the republicans rejected was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all of the spending over the next decade? >> you know, this conversation to me is exactly what is wrong in washington. i mean just listen to the conversation you have is just had. it is he said, she said, blame the other guy. look, i tried to be constructive here and lay out an actual plan to get us nearly $4 trillion by taking the offers that are on the table. speaker boehner and the president were so close and then speaker boehner went off on plan b. i never understood why. had no prospect of succeeding. it did not succeed even in his own caucus. now, the question. >> chris: but you are not answering my question. >> because i tell you something because we only have nine d
you were a member of the bowles simpson deficit commission and voted for the final report. that proposed almost $3 trillion in spending cuts. president obama's last offer the one that the republicans rejected was less than $1 trillion in spending cuts. we checked. that would be less than 2% of the $44 trillion the government will spend over the next decade. again, is that the best democrats can do? 2% of all of the spending over the next decade? >> you know, this conversation to me is...
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Dec 22, 2012
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that millionaires or people who make more than $250,000, you tax them more that's going to solve the deficit problem that's just not so. i think it would be better for the country if we go over the fiscal cliff. and i'm not sorry this has failed. i do not think this has helped john boehner's speakership. >> that quote right there certainly didn't help the president's stance either. if you tax all the people that make more than 250 k that is the solution. >> the cbo didn't help him either with those numbers because $250,000 tax the cbo has said wouldn't solve the problem. >> this barely makes a dent. >> you have to cut spending obviously and that's what we think that howard dean was alluding to. meanwhile, charles krauthammer had an interesting theory on "special report" last night in which he also tried to figure out what the president's ultimate strategy is and what game the president is playing. i had not heard this theory before. let's listen to charles krauthammer. >> if he was only interested in the budget, in the fiscally balancing it, he would have said i don't care how you get the mo
that millionaires or people who make more than $250,000, you tax them more that's going to solve the deficit problem that's just not so. i think it would be better for the country if we go over the fiscal cliff. and i'm not sorry this has failed. i do not think this has helped john boehner's speakership. >> that quote right there certainly didn't help the president's stance either. if you tax all the people that make more than 250 k that is the solution. >> the cbo didn't help him...
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Dec 23, 2012
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. >> for the last two weeks i've been working with leaders of both parties on a proposal to get our deficit under control. avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. >> how we get there, god only knows. >> will an agreement bring positive change to the economy? former economic advisor to president reagan, art laffer is here. >> how is everything going? >> going we will on this end. not washington but on this end. there's recap for a second, if you will. the laffer curve that you game famous for. that's your theory on tax rates and revenue and it shows, the laffer curve, if you have a tax rate of zero obviously you correct zero revenue to run the government. if you have a tax rate, your theory holds of 100%, you also probably collect zero in revenue because you've disincentivized people to get to work. somewhere in your curve is the sweet spot of the tax rate that would allow for the most revenue. what is that sweet spot? >> i don't know where it is exactly, obviously. but i know the laffer curve, the operation in the upper income groups is mu
. >> for the last two weeks i've been working with leaders of both parties on a proposal to get our deficit under control. avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. >> how we get there, god only knows. >> will an agreement bring positive change to the economy? former economic advisor to president reagan, art laffer is here. >> how is everything going? >> going we will on this end. not washington but on this end....
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Dec 27, 2012
12/12
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amazon is fighting many deficit fronts, fighting google, netflix, fighting apple. when eventually everything comes home to roost, amazon will have their rollover period. when it gets down to the 218 range, we welcome take some off but i think it will go over and crack the $200 level. >> you wont to go an that one? >> no. i think it could have trouble going forward and perhaps that outage on christmas eve on netflix showed the kink in the armor on their web services. >>> wrapping to the highest level in 21 months, the yen hits mult multilevel lows versus the u.s. dollar. let's bring in kathy. great to have you. nice to see you. >> great to be on. >> certainly is a popular trade these days. is it too crowded and likely tie soon? >> there's your question. well, basically the yen trade is the trade of the year that everyone was calling for in 2013. we've already seen a huge move. so i think that, you know, there's a lot of people who have ran into the trade over the past month. i think that, you know, while there's still fundamental reasons for the dollar yen to move h
amazon is fighting many deficit fronts, fighting google, netflix, fighting apple. when eventually everything comes home to roost, amazon will have their rollover period. when it gets down to the 218 range, we welcome take some off but i think it will go over and crack the $200 level. >> you wont to go an that one? >> no. i think it could have trouble going forward and perhaps that outage on christmas eve on netflix showed the kink in the armor on their web services. >>>...
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Dec 28, 2012
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if you don't get a deal obviously you have a massive decline in the deficit for doing nothing. i do think it works right now but i don't see a lot of upside. it is a place to hide. >> good stuff as always. see you on the other side of the new year. wish you the best. >> thank you. >> mike santelli yahoo finance. let me pose the question as i did before in this segment this way. how much is a deal worth to the stock market? >> i think a deal is worth probably 500 points in the stock market if for no other reason than the fact if you're talking about certainty right now we're under this cloud. we have no certainty whatsoever. so for that reason i think stocks like apple, for instance, one of those we've been talking about for a month. why are they selling off apple? fundamentally as the story changed? absolutely not. a hundred and some odd dollars lower than it was. >> i think a deal gets us to 4% to 5% we've given back, gets the s&p back up to its high of 1475. >> i think it's also what it checks on the down side. we're a consumer driven economy. you can see the consumer confide
if you don't get a deal obviously you have a massive decline in the deficit for doing nothing. i do think it works right now but i don't see a lot of upside. it is a place to hide. >> good stuff as always. see you on the other side of the new year. wish you the best. >> thank you. >> mike santelli yahoo finance. let me pose the question as i did before in this segment this way. how much is a deal worth to the stock market? >> i think a deal is worth probably 500 points...
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Dec 27, 2012
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none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander responsibility. what do you think is the biggest problem with raising taxes on the wealthy? it's so easy for them to say raise the taxes on the rich, punish them? >> well, the president likes to say the rich needs to pay their fair share for the tax burden of the united states. the funny thing is, actually 23 you look at all the developed countries in the world, the u.s. tax code is the most progressive in the entire world. the wealthiest americans pay the largest share of the tax burden in the u.s., much more so than in european countries. >> the boehner plan b and the some of the things the pres
none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander...
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Dec 29, 2012
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that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the $2.4 trillion in it cuts and he has not been willing to do that. so the last ditch effort the hail hary pass was the house of representatives saying fine let's take nancy pelosi and chuck schumer's bill that they proposed this summer to extend the tax rates on every household and every small business a million dollars and below, allow them to go up on the million dollars and above which is the current law on january 1, let's do that. that ought to be something we can agree on. let me add this. when we he voted on our bill in the house this
that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the...
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Dec 28, 2012
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they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion dollars deficits every year for the past four years, and get this, we are also borrowing at this moment 46 cents of every dollar they spend in washington. on top of that social security is going bankrupt, as is medicare, and all obama is fighting for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a leader on this. he's not been serious. he's been acting weak and, of course, clinging to his radical ideology. enough is enough. maybe it's time to have the republicans call the president's bluff. let him take the country over the fiscal cliff if he so chews. republicans were elected to get the fiscal house in order. maybe it's time to stand up for your kids, your grandchildren. maybe they should dig in their heels and say they are looking out for the future and future generations. maybe now is is a time to take a principle stand and say they are not g
they aren't serious about our nation's debts and deficits. we are $16 trillion in debt, we are running out of money yet again, trillion dollars deficits every year for the past four years, and get this, we are also borrowing at this moment 46 cents of every dollar they spend in washington. on top of that social security is going bankrupt, as is medicare, and all obama is fighting for is increasing taxes that will only pay for 8 1/2 days of government spending. now president obama has not been a...
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Dec 26, 2012
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but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any idea of what could happen to the economy or stock market as a result of congressional inactivity? >> well, yeah. the cb. off and many private economists say that the $600 billion in fiscal tighting, as you say would push the economy into recession next year and send the unemmoment rate to back above 9%. a survey of investment managers found 60% of the them see a drop in the dow industrials of 10% or more if the cliff is not avoided. kelly? kelly: boy, that is very ominous. peter, thank you. hopefully something can be done. peter barnes. jamie: another extreme w
but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any...
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Dec 26, 2012
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they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play hardball. but i think they'll have a different argument later in the year. >> i guess both believe it's better to go over the falls than cut a deal that's going to hurt them at home. tea party people don't respond to boehner or to cantor or mccarthy or any of them. somebody in the next tea party is going to be yelling from the back, you sold us out. i think that's why the tea party is never going to be functional. they don't really respond to getting things done. they respond to anger back home. >> i think 2014 democrats are also aware of these tax incre
they say they want deficit reduction. if you go over the cliff, you get deficit reduction, you just don't get it in the responsible, accountable way. it's like chopping off on arm. >> like says i want a shower, i'm going to niagra falls. >> they still can't get it done. we're dysfunctional. no other explanation. >> i think they can stop the roller coaster and make it go. they're doing a dance now because republicans don't want to do something to rates. obama wants to play...
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Dec 28, 2012
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i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do. it would be bad for middle class families and bad for businesses that depend on family spending. forchew nat ew fortunately, con can prevent it from happening. i just had a good discussion about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senat
i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax...
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Dec 30, 2012
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everybody says we need to have cuts and deal with the deficit. but you can't do it in such a way that you do it in a sudden flash -- >> sudden flash! >> and it causes the economy to crater. >> it's been four years and so many meetings. >> excuse me, do you think republicans have no complicity in passing two wars without funding it. >> democrats voted for the war in iraq, including hillary clinton, if you want to go there. >> republicans voted for this. my point -- >> entitlements. you said hayare not miles apart. >> they're not! >> what's the plan on entitlements. >> the president has put on the table, the chain cpi to slow the rate of growth -- >> slow the rate of growth is not a cut, juan! >> it is a cut! >> even john boehner says that's a cut. the left thinks that's a cut -- >> no plan. there are no plans. >> let's go up to $400, if you want. so what we're talking about, eric, is a cut for 99% of americans. they keep the bush tax cuts. you would think republicans would be seb berating. >> juan's drinking the kool-aid, man. >> i agree that the
everybody says we need to have cuts and deal with the deficit. but you can't do it in such a way that you do it in a sudden flash -- >> sudden flash! >> and it causes the economy to crater. >> it's been four years and so many meetings. >> excuse me, do you think republicans have no complicity in passing two wars without funding it. >> democrats voted for the war in iraq, including hillary clinton, if you want to go there. >> republicans voted for this. my...